Medtronic case sent back to U.S. Tax Court

Tough ruling for Ireland’s big medical device manufacturer. Bloomberg’s Lynnley Browning and Sony Kassam report: “Last week, Medtronic Plc suffered a legal setback in its bid to avoid a $1.4 billion U.S. tax bill — a ruling that may have costly implications for other multinationals battling the Internal Revenue Service over the use of overseas payments to lower their taxes. … Companies including Facebook Inc. and Coca-Cola Co. have been fighting the IRS for years over strategies related to so-called transfer pricing — a way that some companies cut their tax liabilities by assigning lower prices for things like intellectual property that they shift to subsidiaries in low-tax jurisdictions such as Ireland or the Cayman Islands. … A federal appeals court on Aug. 16 sent the Medtronic case back to the U.S. Tax Court, saying the judge in a 2016 decision against the world’s biggest medical device maker hadn’t adequately explained how she’d reached her conclusion. No dates have been set yet for when the case will return to Tax Court.”

In for a Pence, in for a pound. The AP reports (via U.S. News): “Vice President Mike Pence is heading back to Minnesota. … Minnesota Republican Party chairwoman Jennifer Carnahan announced Monday that Pence will return to Minnesota Aug. 30. It’s the latest evidence of the White House’s keen focus on Minnesota ahead of an election filled with competitive races in a state President Donald Trump nearly won in 2016.”

Either way. MPR’s Dan Gunderson reports: “There’s a buzz in Native American country this year that you don’t typically hear around elections. … It’s a virtual certainty that Minnesota will make history this year by electing the state’s first American Indian woman as lieutenant governor. … Republican Jeff Johnson’s running mate Donna Bergstrom is a member of the Red Lake Band, while White Earth tribal member Peggy Flanagan is running with Democrat Tim Walz.”

Pillsbury estate may fall for lack of a buyer with enough dough. The Star Tribune’s Kim Palmer reports: “A landmark historic mansion on Lake Minnetonka, grand relic of a bygone era, could fall to the wrecking ball very soon. … The city of Orono issued a demolition permit this month for Southways, the massive brick and stone Pillsbury estate that has been seeking a buyer for more than a decade. … ‘It could be tomorrow,’ Orono Mayor Denny Walsh said of the demolition. ‘It’s unfortunate, no question about it.’ … The city consulted with its attorney and the Heritage Preservation Commission but could find no grounds for denying the permit request, Walsh said.”

In other news…

Nice: “Photographer Huie named McKnight distinguished artist” [MPR]

Minnesotan: “James Hong, 89 Year-Old Chinese American Actor: “Never Thought It Would Take This Long”” [Deadline]

Ouch: “One Minnesotan saw that Kevin Spacey movie last Friday” [City Pages]

R.I.P.: “Macalester College remembers alumnus Kofi Annan” [KARE]

New look for 3M HQ: “Buildings as billboards” [MPR]